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Motor Traffic (Third-Party Insurance) (Jersey) Law 1948 Approval of “Authorized Insurer”

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made (10/10/2008) regarding: Motor Traffic (Third-Party Insurance) (Jersey) Law 1948 Approval of “Authorized Insurer”

Decision Reference:  MD-T-2008-0094

Decision Summary Title :

Motor Traffic (Third-Party Insurance) (Jersey) Law 1948

Approval Of “Authorized Insurer”

Date of Decision Summary:

29 September 2008

Decision Summary Author:

Alan Muir

Head of DVS &

Inspector of Motor Traffic

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Motor Traffic (Third-Party Insurance) (Jersey) Law 1948

Approval Of “Authorized Insurer”

Date of Written Report:

29 September 2008

Written Report Author:

Alan Muir

Head of DVS &

Inspector of Motor Traffic

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject: Motor Traffic (Third-Party Insurance) (Jersey) Law 1948 Approval Of “Authorized Insurer”

Decision(s):  The Minister approved Zurich Insurance Ireland Limited as an authorized insurer in accordance with the Motor Traffic (Third-Party Insurance) (Jersey) Law 1948.

Reason(s) for Decision:

To allow Zurich Insurance Ireland Limited to replace Zurich Insurance Company as an “authorized insurer”.

Resource Implications:  None

Action required:  The Head of Driver and Vehicle Standards to confirm the Minister’s decision on the insurer to the Jersey Financial Services Commission.

Signature: 

Position: 

Date Signed: 

Date of Decision (If different from Date Signed): 

Motor Traffic (Third-Party Insurance) (Jersey) Law 1948 Approval of “Authorized Insurer”

TRANSPORT AND TECHNICAL SERVICES  

MOTOR TRAFFIC (THIRD-PARTY INSURANCE) (JERSEY) LAW 1948  

APPROVAL OF “AUTHORIZED INSURER”  
 

Purpose of the Report  

To consider an application from Zurich Insurance Ireland Limited to become an “authorized insurer” to write motor traffic insurance business in Jersey. 
 

Background  

Motor insurance policies issued in Jersey must be issued by an “authorized insurer”, which is defined in Article 4(1) of the Motor Traffic (Third-Party Insurance) (Jersey) Law 1948 as “an assurance company or an underwriter for the time being approved by the Minister”.  It is the Minister’s responsibility to approve these insurers.  (A copy of the relevant Article from the law is attached). 

A request has been received from the Jersey Financial Services Commission (JFSC) for the Minister to consider an application from Zurich Insurance Ireland Limited to become “authorized insurer”. 
 

Discussion  

A copy of a memorandum from the JFSC’s Deputy Director-Insurance, dated 24 September 2008, is attached.  The appendices to the memorandum will be available to the Minister to review when considering this report. The memorandum confirms an application from Zurich Insurance Ireland Limited to conduct motor insurance business in Jersey.  It also confirms the company’s financial standing.  

Confirmation has also been received that the applicant has complied with the requirements of the relevant Articles of the law.   

The Deputy Director – Insurance from the JFSC is satisfied that Zurich Insurance Ireland Limited should be approved by the Minister as an authorized insurer in terms of the Motor Traffic (Third-Party Insurance) (Jersey) Law 1948. 

In this particular case, it would seem that Zurich Insurance Ireland Limited has applied to carry on all classes of general insurance business in Jersey as part of a European-wide restructuring of the Zurich Group.  Zurich Insurance Company (ZIC) carries out general motor insurance in Jersey under a previous approval granted in 2003.  ZIC is one of the Transferor companies in the restructuring.  ZIC’s motor insurance liabilities will be transferred to Zurich Insurance Ireland Limited and ZIC will cease to conduct general insurance business on completion of the Transfer Scheme. 

 

Recommendation  

The Minister is asked to approve Zurich Insurance Ireland Limited as an authorized insurer in accordance with the Motor Traffic (Third-Party Insurance) (Jersey) Law 1948. 
 

Reason(s) for Decision  

To allow Zurich Insurance Ireland Limited to replace Zurich Insurance Company as an “authorized insurer”. 
 

Action Required  

Confirm the Minister’s decision on the insurer to the Jersey Financial Services Commission. 
 
 

Written by:

Alan Muir, Head of Driver and Vehicle Standards

 

 

Approved by: 

Caroline Anderson, Director of Transport

 

 

 

 

 

Attachments: Article 4 of the Motor Traffic (Third-Party Insurance) (Jersey) Law 1948.

Memorandum (24/09/08) from the Deputy Director – Insurance, Jersey  

ASM

29 September 2008

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